Page 9 - Rupee

As RBI spreads out Fx interventions, forward premium hits 11-year lows

The central bank looks to protect headline reserves, deter offshore/onshore arbitrage on Rs with buy-sell swaps in forex market

Rupee in narrow trading range as RBI's intervention reins in speculation

The Indian rupee on Monday held a narrow trading range once again as the Reserve Bank of India's likely intervention last week discourages speculators

Rupee is not sliding, dollar is strengthening, says FM Sitharaman in US

Finance Minister Nirmala Sitharaman has said that the rupee has not weakened but it is the dollar that has strengthened, as she defended the 8 per cent slide in the value of Indian currency against the greenback this year. Speaking to reporters after attending the annual meetings of the International Monetary Fund (IMF) and the World Bank, she asserted that the fundamentals of the Indian economy were strong and that inflation was low compared to other parts of the world. "First of all I would look at it as not rupee sliding, I would look at it as dollar strengthening, dollar strengthening incessantly," she said in reply to a question on weakening rupee. All other currencies around the world are performing against a strengthening dollar, she said. "And I'm not talking technicalities, but it is a matter of fact that India's rupee probably has withstood this dollar rate going up, the exchange rate in favour of dollar strengthening is there and I think Indian rupee has performed much .

Why this is not the time to take on very long-term fixed deposit investment

For periods longer than 3 years, it is a good idea to explore debt mutual funds that offer indexation benefits and lower the tax outgo

Rupee tumbles 5 paise to 82.29 against US dollar in opening trade

The rupee after opening on a positive note, pared the gains and slipped 5 paise to 82.29 against the US dollar amid high volatility in early trade on Friday. At the interbank foreign exchange, the domestic unit opened at 82.26 against the dollar, then touched 82.12, registering a gain of 12 paise over its previous close. In initial trade, the rupee also touched 82.29 against the American currency. On Thursday, the rupee had settled at 82.24 against the greenback. "Dollar strengthened immediately post the CPI print but saw a massive reversal on short covering in majors," IFA Global Research Academy said in a research note, adding the US headline September CPI came in higher than expected at 8.2 per cent year-on-year (0.4 per cent MoM) against 8.1 per cent yoy (0.2 per cent month-on-month). Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies, fell 0.08 per cent to 112.27. Brent crude futures, the global oil benchmark, fell 0.13 per c

RBI norms on unhedged Fx exposure unlikely to impact banks much

In June, the RBI had said that of the outstanding ECBs of $180 billion, 44 per cent was unhedged

India pushes for settlement of international trade in rupee with Sudan

In July, the RBI had unveiled a mechanism to settle international transactions in rupee to promote the growth of global trade, with emphasis on exports from India

Top Headlines: Byju's to lay off 2,500 staffers, broken rice exports & more

India will allow overseas broken rice shipments of 397,267 tonnes backed by letters of credit (LCs) issued before September 8

Rupee tumbles 14 paise to close at 82.35 as US dollar strengthens

The rupee fell 14 paise to close at 82.35 (provisional) against the US dollar on Wednesday amid the strengthening of the American currency and sustained foreign fund outflows. Besides, risk aversion sentiment among investors weighed on the local unit. At the interbank foreign exchange market, the local currency opened at 82.32, then fell further to settle at 82.35 against the American currency, registering a decline of 14 paise over its previous close. During the session, the local unit witnessed an intra-day high of 82.15 and a low of 82.37 against the greenback. On Tuesday, the rupee rebounded from its all-time low to close 19 paise higher at 82.21 against the US dollar. "In line with the dollar index, the rupee marked another steady day. So far this week, the rupee has been trading in a narrow range and closing near 82.32," said Dilip Parmar, Research Analyst, HDFC Securities. Parmar said a rebound in the domestic equities and the central bank's intervention ahead of the cruci

India in talks with different nations to make Rupay acceptable: Sitharaman

India is talking to different countries to make Rupay acceptable in their nations, Union Finance Minister Nirmala Sitharaman said on Tuesday. Not just that, the UPI (Unified Payments Interface), the BHIM app, and NCPI (the National Payments Corporation of India) are all now being worked in such a way that their systems in their respective country, however, robust or otherwise can talk to our system and the inter-operability itself will give strength for Indians expertise in those countries, she said. We are working together with several countries, Sitharaman said in response to a question from an Indian student at the University of Maryland, who wanted to have the UPI in the United States as well. Sitharaman made the remarks at the prestigious Brookings Institute think-tank during a fireside chat with eminent economist Eshwar Prasad. I'm a student at the University of Maryland here. I am really proud of our UPI system in India. I just wanted to ask, what do you think are the future

RBI asks banks to set aside capital, provisions for unhedged FX exposure

Move comes amid sharp depreciation in rupee; says losses incurred by entities with such exposure could affect health of banking system

Domestic steel prices inching up on rising cost, pick-up in demand

Currency depreciation of over 6% may have supported uptrend; industry players confident that prices have bottomed out

Rupee depreciates 1 paisa to 82.41 against US dollar in early trade

The rupee slipped 1 paisa to 82.41 against the US dollar in the morning trade on Tuesday amid the strengthening of the American currency and sustained foreign fund outflows. Moreover, a weak trend in domestic equities and risk aversion sentiment among investors weighed on the local unit. At the interbank foreign exchange, the domestic unit opened at 82.35 against the dollar, then pared the gains to 82.41, registering a loss of just 1 paisa over its previous close. In a highly volatile session, the local unit also touched 82.33 against the American currency in initial deals. On Monday, the rupee slipped 10 paise to finish at a fresh lifetime low of 82.40 against the US dollar. Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies, rose 0.12 per cent to 113.27. Brent crude futures, the global oil benchmark, fell 0.28 per cent to USD 95.92 per barrel. "RBI sold more than a billion dollars yesterday to protect against a fast depreciati

Do we really need the e-rupee?

Despite rapid digitalisation, the use of cash has not diminished in India. Yet the adoption of the e-rupee is not a question of if, but when

The rupee and foreign reserves: The larger story

It is argued that we should let the rupee find its own level - more so, when many other currencies are depreciating against the dollar. The low values of these currencies, however, are not sustainable

RBI interventions, corporate flows pull rupee back from new low against USD

Rupee underperforms EM peers so far in Oct, fares worse than 14 currencies

Markets settle lower for second straight session amid negative global cues

After tumbling over 800 points in intra-day trade, the BSE Sen­sex clawed back some lost ground to end 200.18 points at 57,991.11.

Pakistani rupee becomes world's best performing currency, gains 3.9%

Pakistans volatile rupee (PKR) became the "worlds best performing currency" in the week that ended on October 7, as it made the largest gain of 3.9% over five working days to 219.92 PKR to a dollar

Rupee breaches 82 level vs dollar as Fed officials back rate hike view

RBI nudges banks to ease up on offshore FX positions

RBI to launch e-rupee on pilot basis for limited use; issues concept paper

The Reserve Bank on Friday said it will soon commence the pilot launch of e-rupee for specific use cases as it tests digital currency in India. "As the extent and scope of such pilot launches expand, RBI will continue to communicate about the specific features and benefits of e-rupee, from time to time," the central bank said in a concept note on Central Bank Digital Currency (CBDC). The concept note also discusses key considerations such as technology and design choices, possible uses of the digital rupee, and issuance mechanisms, among others. It examines the implications of the introduction of CBDC on the banking system, monetary policy, and financial stability, and analyses privacy issues.